Pro-Home and housing authority working to increase homeownership in Taunton

Friday

Aug 9, 2013 at 12:01 AMAug 9, 2013 at 9:03 AM

Pro-Home Inc. is partnering with the Taunton Housing Authority in an effort to boost home ownership in the city.

The home ownership program, which will provide approximately 30 softsecond mortgages for qualifying first-time homebuyers earning below 80 percent of area median income, is a component of the federal HOPE VI grant the city received. Each participating homebuyer could receive up to $20,000, provided by HUD.

Gerry Tuoti

Pro-Home Inc. is partnering with the Taunton Housing Authority in an effort to boost home ownership in the city.

The home ownership program, which will provide approximately 30 softsecond mortgages for qualifying first-time homebuyers earning below 80 percent of area median income, is a component of the federal HOPE VI grant the city received. Each participating homebuyer could receive up to $20,000, provided by HUD.

“They have to buy in Taunton,” Pro-Home director Joseph Pacheco said. “Any clients would have to qualify on their own with a bank to get a mortgage. This would be for a down payment and closing costs. We don’t just give someone a check. We would reimburse the bank as if they were paying closing cost and down payment.”

The Taunton Housing Authority selected Pro-Home Inc. to administer the home ownership component of the HOPE VI housing grant.

The HOPE VI project is also using federal grant money and private investment for 160 mixed-income apartment and townhouse units to replace the Fairfax Gardens public housing project on DeWert Avenue.

Taunton Housing Authority Director Colleen Doherty said it is important to encourage home ownership in the city, especially with so many available existing homes and foreclosed homes.

“We are excited about the home ownership piece,” she said. “We think it brings a different component to the program. There’s something nice about wanting to purchase and live in the city of Taunton.”

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